Custom Bats Cricket Forum
Companies => Custom companies => Topic started by: nickpain77 on January 15, 2016, 07:37:01 PM
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I've halfway through starting a cricket brand ive finalised sticker design got samples printed sorted out my bat manufacturer and I'm wondering do I need to have accountant and go down that route because I'm probably just sell them in my local area
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You might not need an accountant, but you'll need to pay tax so will need to keep records on your outgoings, and money in
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You might not need an accountant, but you'll need to pay tax so will need to keep records on your outgoings, and money in
How much would that be
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You'll Defo need an accountant to help squirrel away the millions in profit you're making as there up to a 250% margin on all cricket products being sold dont'yaknow 👍
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You'll Defo need an accountant to help squirrel away the millions in profit you're making as there up to a 250% margin on all cricket products being sold dont'yaknow 👍
[emoji23] [emoji23] [emoji23] dont start this now...
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Though a bottle of SB makes me want to take a different approach. Read the following:
https://www.gov.uk/working-for-yourself/overview (https://www.gov.uk/working-for-yourself/overview)
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But if I'm just selling them to a few of the clubs I'm connected to as a hobby would I still have to pay for all these fees
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You’re probably not trading if you sell some unwanted items occasionally or you don’t plan to make a profit. You can’t use any losses you make as part of a hobby to reduce your tax bill.
Occasionally sounds good to me!
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But if I'm just selling them to a few of the clubs I'm connected to as a hobby would I still have to pay for all these fees
Yes. If you are producing goods or paying someone to do so, then selling them on, you are a business and need to be registered and paying the associated fees
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How much would that be
Depends which tax bracket you fall into and how your business is structured.
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With all due respect Nick or Harry (or Tom or Dick, whatever your name is...), if you've got to the product design and production stage without researching the basics of running a business, I cannot help but feel you're not 100% into this, so almost setting yourself up to fail from the get go.
This whole thing has the feeling of a badly thought out GCSE/A Level project to me
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nearly but not quite @WalkingWicket37
i am a said gsce/a level student and he has already gone further than i would have!
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How old are you nick pain 77?
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I'm 13
How old are you nick pain 77?
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I'm 13
:o in that case fair play for getting this far, if people had known that up front I'd like to think you wouldn't have been given such a hard time.
Safe to say it is a bit more complicated than you'd maybe imagined but good luck with it :)
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I'm 13
what are you doing up so late then?
GO TO BED!
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what are you doing up so late then?
GO TO BED!
Same to you Benji! You're hardly any older ;)
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Nick do the research. Talk to people who run small businesses and regardless of what people's opinions are on how much tax/fee you need to pay check with experts. Good luck. Someone like @Tom started at a young age and I am sure he can give you good advise. How you engage him is all up to you
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Yh it's fair to say I Was a bit nieve but hopefully can still carry this on
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Nick, I hope that you are not discouraged. Age is no barrier to these things. I have a friend who started his first business aged 15, he is now in his early to mid-twenties and has, I think, two separate business employing 20 odd people. It is what he wanted to do and he made it happen. Best of luck to you.
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You’re probably not trading if you sell some unwanted items occasionally or you don’t plan to make a profit. You can’t use any losses you make as part of a hobby to reduce your tax bill.
Occasionally sounds good to me!
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Yep you could do as others on here say they do and work without making a profit
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Same to you Benji! You're hardly any older ;)
i did cam[emoji13]
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Yep you could do as others on here say they do and work without making a profit
Change the record!!
Common sense dictates that there is a profit in it but not the 250% you keep bleating on about. For someone with senior in their forum title you don't half act like a 12 year old at times.
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Misinformation expert is old seniorplayer, I don't know why you entertain him.
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Misinformation expert is old seniorplayer, I don't know why you entertain him.
Wondered how long it would be before Skippy piped up.
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Wondered how long it would be before Skippy piped up.
Rest of us are wondering how long Until you pipe down.
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Change the record!!
Common sense dictates that there is a profit in it but not the 250% you keep bleating on about. For someone with senior in their forum title you don't half act like a 12 year old at times.
Upto two hundred and fifty percent sir
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Rest of us are wondering how long Until you pipe down.
When others who don't like there cans rattled do
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Yh it's fair to say I Was a bit nieve but hopefully can still carry this on
I think you should carry on as you may regret it if you do not your taking it a one step at a time which is the correct way to go as for being a bit naive experience and judgment will come along the way.
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Nick do the research. Talk to people who run small businesses and regardless of what people's opinions are on how much tax/fee you need to pay check with experts. Good luck. Someone like @Tom started at a young age and I am sure he can give you good advise. How you engage him is all up to you
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Sent him a pm yesterday
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Is there any other way of contacting tom because he's not Mr pelting to the message
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Sorry for being rude and not replying. I'm reluctant to share too much advice on setting up a business front, as I'm not an accountant or solicitor. I'd suggest you get in contact with a tax accountant who can advise how to best structure your business.
What I will say is if you are selling goods for a profit, you will need to declare that income to HMRC. The chances are that as a 13 year old selling a few bats without another job is that you'll fall under the personal tax allowance bracket.